FCA issues warning against Debt Collection firm

A warning has been issued by the Financial Conduct Authority (FCA) against an unregulated Debt Collection Agency targeting UK consumers.

The FCA stated, “Max Montgomerie Debt Recovery & Investigations is not authorised by the FCA but has been targeting people in the UK and is also carrying on regulated activities which require authorisation”

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised by us, however, some firms act without our authorisation and some knowingly run investment scams.

“This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

Any Debt Collection Agency that continues to carry out regulated Debt Collection activities if not holding the appropriate licences should be reported to the FCA immediately.

A Debt Collection Agency should represent your organization in a responsible and professional manner. They should also be proficient in their actions whilst maintaining a compliant approach to Debt Collection activities so as not to damage your companies reputation.

As with any service, you’d like to get the highest return for the lowest cost possible. However in the case of debt collection, this decision involves more than just giving your business to the lowest bidder – it requires careful consideration as results matter! Cheap is definitely not cheerful. “You get what you pay for” is often overlooked when hiring a Debt Collection Agency and this can lead to very poor results or significant damage to reputation.

There are many criteria to consider which are have detailed in this guide to help you choose the right Debt Collection Agency.